Westpac eSaver

0.10% p.a.(for $0 and over)

1.66% p.a. (for $0 and over)

Westpac eSaver

0.10% p.a.(for $0 and over)

1.66% p.a. (for $0 and over)

Mozo Review   Westpac eSaver Review

Last updated: 16 October 2019.

What's hot:
  • No minimum balance

  • No account fees

What's not:
  • $5 fee for all transactions except phone and internet banking

Mozo snapshot:

If you’re ready to give your savings the boost it deserves, then major bank Westpac and its eSaver savings account is worth considering. This account features a special 1.66% rate for new customers for the first 5 months, after which it reverts to the standard 0.10% variable rate. There’s also no minimum balance required at the end of each month, allowing to make deposits at your own pace.

Key features:

Not only does this savings account feature a sweet introductory rate for new customers, which includes a 1.56% bonus rate on top of the 0.10% standard rate. There’s no monthly account fee and free, unlimited transactions available from your phone or online. But we should mention that there is a $5 fee for any other type of transaction, like non-automated phone withdrawals.

With this savings account, the interest is paid on the last business day of every month and there’s no minimum balance required each month. However, in order to use this account, you will need to open a Westpac Choice Account, which does require a minimum monthly deposit of $2,000.


Who it's good for:

The eSaver account is a great option for existing Westpac customers who are looking to kickstart their savings or new customers that will be able to meet the minimum deposit requirements of the Westpac Choice Account.

Any catches?

While this savings account does have a great introductory rate to help you get ahead with your financial goals, it does only last for 5 months before reverting to a rate of 0.10%. If you are going to be regularly putting money away, you might be better off with the Westpac Life Account, which has an ongoing bonus rate.


Details

Rates and fees information correct as at 22 January 2020. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates
  • Balances from $0: 0.10% p.a.

  • Balances from $0: 1.66% p.a.

  • Bonus rate for the first 5 months from account opening

Fees
  • $0.00

  • n/a

  • unlimited free transactions from phone and internet. $5 fee for all other transactions.

  • n/a

  • n/a

  • n/a

  • $0.00

  • $5.00

  • n/a

  • $0.00

  • $0.00

  • n/a

Other financial bits
  • $0.00

  • $0.00

  • Monthly

Features
  • no

  • none

  • no

  • no

  • no

  • no

  • no

  • yes

  • yes

  • no

  • no

  • Must link to a transaction account with this provider. $5 fee applies for all transactions except phone and internet banking

  • none

  • none

Customer Reviews

How are Westpac savings accounts rated by the Mozo community?

Overall customer rating
7.4/10
Price
6.6/10
Features
6.2/10
Customer service
7.5/10
Convenience
7.9/10
Trust
7.5/10

Latest reviews of Westpac eSaver

  • Overall 10/10
    The best.

    All positive banking.

    Read full review

    All positive banking.

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Jane, Western Australia reviewed about 1 month ago
  • Overall 8/10
    Great customer service!

    Branch staff are helpful, courteous and knowledgable. The account is convenient for saving. You have the option to have a higher interest rate when your month end balance exceeds that of the previous month.

    Read full review

    Branch staff are helpful, courteous and knowledgable. The account is convenient for saving. You have the option to have a higher interest rate when your month end balance exceeds that of the previous month.

    Price
    9/10
    Features
    10/10
    Customer service
    9/10
    Convenience
    9/10
    Trust
    9/10
    Less
    John, Western Australia reviewed about 2 months ago
  • Overall 8/10
    Great

    Excellent bank!

    Read full review

    Excellent bank!

    Price
    9/10
    Features
    8/10
    Customer service
    9/10
    Convenience
    9/10
    Trust
    9/10
    Less
    Donna, South Australia reviewed 4 months ago
  • Overall 9/10
    Great customer service

    If I need to ring I get an Australian call centre and usually don't have to wait long.

    Read full review

    If I need to ring I get an Australian call centre and usually don't have to wait long.

    Price
    9/10
    Features
    -1/10
    Customer service
    10/10
    Convenience
    9/10
    Trust
    9/10
    Less
    Kenneth, Victoria reviewed 6 months ago
  • Overall 8/10
    Great

    They are a great bank

    Read full review

    They are a great bank

    Price
    9/10
    Features
    9/10
    Customer service
    9/10
    Convenience
    9/10
    Trust
    9/10
    Less
    Frank, Victoria reviewed 6 months ago
Westpac

About Westpac

As Australia's first bank, Westpac has been serving customers since 1817. Westpac merged with St.George to create Australia's largest financial services company, and customers can enjoy from peace of mind from having the security offered by a major bank behind them. Check out Westpac's range of banking products such as savings accounts, home loans, personal loans, credit cards and other financial services such as its car and home and contents insurance.

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